BYD Auto Hungary Kft. has now been founded for the electric car plant planned in Szeged with a share capital of around HUF 192 billion (EUR 502 million).
The Chinese electric car manufacturer BYD has signed a preliminary agreement with Szeged. The city has agreed to hand over 300 hectares of land. It has also undertaken to develop the infrastructure required for the car plant to be built here.
The first Chinese plant in Europe will also be the fifth automobile plant in Hungary. The Ministry of Foreign Affairs and Foreign Trade put the scale of the planned investment at several billion euros, which will also create thousands of jobs. The state subsidies for the car plant will be coordinated with the EU Commission. Production at the plant could start in the second half of 2025.